1. If we hold money in a general client account on your behalf, or if money should have been held on your behalf but was not, then we will account to you for a sum in lieu of interest (gross of tax) calculated as below.
2. If we hold an amount greater than £ 750,000 for more than two weeks we will open a separate designated deposit account at our bank and account to you for all of the interest earned on that account. Should we not have anticipated that the funds would be held for at least two weeks we will open a designated deposit account as soon as this is determined but no later than two weeks and we will account to you at the designated deposit account rate for the preceding period. The separate management of such funds may incur time or third party costs and we reserve the right to charge a reasonable amount for this.
3. We will not account to you for any interest if the amount calculated is £ 25 or less as we consider that the administrative costs of dealing with amounts below this sum would exceed the interest due.
4. We will not account to you for any interest on any interim payment to you for sums held on your behalf whilst your matter is ongoing unless we have an agreement to do so.
5. We will calculate and pay interest once your matter has been concluded or on the final payment of the capital sum to you unless otherwise agreed with you.
6. In calculating interest we will apply a rate that we believe reflects the market rate of interest paid on an instant access current account offered by a UK high street bank.
7. We will review interest rates whenever the Bank of England changes base rate.
8. In determining the period over which interest is to be calculated we will look at the period between the date when the relevant funds received by us became cleared effects and the date payment was raised to you.
9. Interest will not accrue on any sums held to pay third parties on your matter including credits held to repay the Legal Services Commission if appropriate.
Current basic interest rate:
1 November 2019: 0.15%